It’s Tax Season!

I’m wishing everyone good health in 2024! I know the last few years have been daunting. Tax laws continue to constantly change and become more complex, CPAs and Tax Professionals are still frustrated by the lack of response and guidance from the IRS and Congress as well as the lack of competent and skilled Tax Professionals in the field. I expect this year will have it’s own difficulties as well but hopefully different from the past.

This letter will guide you through the process to make getting your taxes filed as painless as possible. Be sure to save any and all tax documents received and any other tax related items. Be sure to look for the 2023 Tax Organizer that will be emailed the first week of January. You don’t have to use the Organizer if you don’t find it useful, but at a minimum please answer the first 3 pages of Tax Questions and return to us with your Tax Support Documents. You can also find it here.

The IRS has announced that it will begin accepting 2023 e-filed tax returns on January 29, 2024.

Please submit your information as early as possible. The Tax Organizer can be used to remind you of the information needed and to allow you time to organize. Be sure to note any changes over the prior year to your address, marital status, number of dependents, job changes, etc. You do not have to use the Tax Organizer if you do not want to. But at a minimum, please answer the first 3 pages of tax questions to ensure that we have all the information needed to prepare your tax returns accurately. If we prepared your returns last year, we’ve provided you with the tax questionnaire. If you are a new client or would like an organizer to assist you with gathering documents, please click 2023 Tax Organizer (Fillable).

To ensure that your tax preparation goes smoothly, it is your responsibility to respond to our emails with follow up questions in a timely manner and to provide us with 100% of your Tax Support documents to ensure the accurate completion of your tax returns by the deadlines. If you do not understand a question or don’t understand why we’re advising something, please let us know sooner rather than later so that we can try to better explain. We complete returns in the order they were received. When we receive 90% of your Tax Support Documents from you, only then will your return be put in the preparation queue. Please get your information to us as soon as possible to secure your place in the preparation queue.

FORM 1099 INFORMATIONAL RETURN DEADLINE

The tax filing deadline for issuing Form 1099s to recipients is January 31, 2024. There is no extension for this form. Businesses are required to issue a Form 1099 to taxpayers and businesses (other than a corporation) who have received at least $600 or more in non-employment income during the tax year. If you would like us to prepare these forms for you, please ensure that you have complete W-9 information for each taxpayer that will need a Form 1099 and provide that information to us no later than January 26th, 2024.

NEW BOI REPORT (Beneficial Ownership Information) INFORMATIONAL RETURN

Owners with 25% or more ownership in LLCs and Corporations in existence before January 1, 2024 are required to file their BOI Report per entity before January 1, 2025. For LLCs and Corporations formed after January 1, 2024 they are required to file their BOI Report within 90 days of formation with the Secretary of State. There is no extension for this form. For clients with existing businesses that would like us to file this form for them, we’ll be gathering information after the April 15th deadline with the intention of filing BOI Reports by June 30th. We will reach out to you to see if you’d like us to prepare the form for a fee or at least as a reminder that you need to file this report online by the deadline.

If you intend to create a new LLC or Corporation in 2024 or later (and you will be a 25% or more owner), the BOI Report will be required to be filed within 90 days of formation. If this applies to you, please be sure to file the BOI Report within the required time frame or let us know that you’d like us to file the report for you.

FBARs (FOREIGN BANK & FINANCIAL ACCOUNTS REPORT) INFORMATIONAL RETURN

U.S. citizens, residents, corporations, partnerships, LLCs and trusts & estates that have a financial interest in or a signature authority over a foreign financial account must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 USD at any time during the calendar year. FBARs are due April 15th, 2024 and allow for an automatic extension to file the report until October 15th, 2024. If you meet the conditions that require an FBAR to be filed and you would like us to prepare and file the return you please include this information along with your Tax Support documentation uploaded to your ShareFile folders.

BUSINESS TAX RETURN DEADLINE

The tax filing deadline this year for Partnership (Form 1065) and S-Corp (Form 1120-S) returns, without extension, is March 15, 2024. C-Corp (Form 1120) returns are due April 15th, 2024 without extension. We recommend that you compile your information and once all documents have been received, submit them to us as soon as possible. We process returns on a “first-come, first-served” basis. In order to have your return completed before March 15th, please submit your tax information to us no later than February 23rd, 2024. If your information is received after February 23rd, your return may be extended and filed after March 15th. Rushed returns can be arranged for an additional fee.

PERSONAL TAX RETURN DEADLINE

The tax filing deadline this year for personal tax returns (Form 1040), gift tax returns (Form 709) and Trusts (Form 1041), without extension, is April 15th, 2024. We recommend that you compile your information and once all documents have been received, submit them to us as soon as possible. We process returns on a “first-come, first-served” basis. In order to have your return completed before April 15th, please submit your tax information to us no later than March 25th, 2024. If your information is received after March 25th, your return may be extended and filed after April 15th. Rushed returns can be arranged for an additional fee. Remember that an extension of your tax return is not an extension to pay the tax due. It is merely an extension to file your tax return. Any tax due is still due by April 15th.

NON-PROFIT TAX RETURN DEADLINE

The tax filing deadline this year for non-profit returns (Form 990), without extension, is May 15th, 2024. We recommend that you compile your information and once all documents have been received, submit it to us as soon as possible. We process returns on a “first-come, first-served” basis. In order to have your return completed before May 15th, please submit your tax information to us no later than May 1st, 2024. If your information is received after May 1st, your return may be extended and filed after May 15th. Rushed returns can be arranged for an additional fee.

2024 TAX SEASON APPOINTMENTS

If you do not need to meet with me, you may submit your documents directly to our office without an appointment via the client portal (ShareFile). If you do not have access to the client portal or need to be reminded of your login, please let our team know and we’ll get you the link to upload your tax support documents for preparation.  Information may also be mailed to our office or emailed. If you choose to email your information, please take steps to ensure cybersecurity (i.e., password protecting documents, etc.). I will always follow up with you regarding any questions during the preparations of your tax returns and make sure that you have time to review your completed returns and ask any questions you may have before filing. Most clients find it more beneficial to meet after the returns are completed, if they want to meet at all.

This schedule is effective from January 1, 2024 and continues through May 15th, 2024.

I find that most tax questions can be answered over email and many clients appreciate being able to refer back to written answers especially when it pertains to confusing tax law. However, there are times that phone calls and zoom meetings are necessary. And if you have new or unusual circumstances that you would prefer to discuss over the phone or via zoom, please email me at Tonya@tmtcfo.com to set up an appointment for a zoom meeting or phone call.

Tuesdays 1pm to 6pm

Saturdays 8am to noon

If these times do not work for you, please email me and we can make arrangements to find a time in my schedule that will work for you.

The last day I will be taking appointments prior to the April 15th deadline is Saturday, March 23rd, 2024. Note that there are a limited number of appointments during this time frame, so please schedule early.

FEES

Our firm is committed to providing the highest quality service.

Our fees for tax preparation are based on the complexity of the return and the time it takes to prepare and file it. I prefer to give you a flat fee prior to the preparation of the returns so there are no surprises when the work is completed. To do this, I will need to see the prior tax return that was filed and any details about major changes in the current tax year. If you are agreeable to the fee, I will have you sign our engagement letter, give you access to the client portal, ShareFile, and we will get started on the work.

We accept cash, checks, and electronic payments via zelle and venmo. You can find me on venmo by searching @TonyaTompkins. Or on zelle by using my email Tonya@tmtcfo.com or TonyaTompkinsCPA@gmail.com

CLIENT PORTAL: SHAREFILE

All tax support documents and returns will be available through our secure client portal. This portal will allow you to log in to gain access to your tax returns and other confidential documents at any time. Information regarding how to access our secure client portal will be provided when you request an initial fee quote for tax preparation. We are happy to mail copies of tax returns by paper if requested. For existing clients, if you can’t access your Sharefile and use a saved link, try refreshing your link or using the Sharefile link on the website as Sharefile does update frequently to maintain the highest level of security.

We highly value our client relationships. Your recommendation to an associate, friend or family member is more significant than any advertisement. We sincerely appreciate your patronage and as always, we strive to provide you with professional and efficient service.

If you have any questions regarding this letter or our services, please do not hesitate to contact me.

Take care,

Tonya Tompkins